Metropica receives $65M in funding for its first condo tower

The developer of the $1.5 billion Metropica project in Sunrise obtained a construction loan for its first condo tower.

Toronto-based Romspen Mortgage provided a $64.5 million loan to Metropica Residential, headed by KHG International Development CEO Joseph Kavana. Site work on the 263-unit YOO at Metropica started in 2016. A recent notice of commencement filed by Tutor Perini Building Corp. indicated the building is starting to go vertical.

The developer is also seeking to raise $70 million through the EB-5 visa program. The 65-acre project at 1800 N.W. 136th Street would total over 4 million square feet. It was approved for 2,250 residential units, a hotel, 485,000 square feet of retail, 650,000 square feet of office, a park and a beach club.